REG - Fulcrum Metals PLC - Ontario assets update

Fulcrum MetalsAnnouncement

23/03/2023 07:15

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RNS Number : 9282T  Fulcrum Metals PLC  23 March 2023

 

 

23 March 2023

 

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

 

Ontario assets update

 

Schreiber-Hemlo satellite study identifies multiple structural targets on Big
Bear and Jackfish properties

Fulcrum Metals plc (AIM:FMET), a company focused on mineral exploration and
development in Canada , is pleased to announce the results of a regional
structural study based on satellite data over the Big Bear and Jackfish
properties that are part of the Group's Schreiber - Hemlo project.

Highlights

 

·    On 17 November 2022, the Company engaged Murphy Geological Services,
an industry leader in satellite structural interpretation, to define the
structural framework of the Big Bear and Jackfish properties and generate
targets for gold exploration within the properties. The study produced by
Murphy Geological Services has been finalised by the Company following the
results of the Big Bear prospecting programme announced by the Company on 2
March 2023.

 

·    The study has identified 42 priority exploration targets within the
two properties, 24 targets within the Big Bear property and 18 in the Jackfish
property, with 14 in total (9 on Big Bear and 5 on Jackfish) being ranked as
high priority for follow-up.

 

·    The targets are based on a number of criteria, including the presence
of major shears, shear intersections, inflections and splays along shears,
prominent aeromagnetic lineaments, proximity to sheared lithological contacts,
presence of known mineral occurrences and anomalous values from soil and rock
samples.

 

·    Big Bear - Integration with the previous airborne magnetic survey
shows a very good correlation between:

·    The lineaments on the aeromagnetic data for the Big Bear property;
and

·    High priority 1 target BB10 (see figure 2) and the interpreted
structure in the pyramid Schreiber area with several high-grade gold in rock
samples of up to 45g/t (please refer to the Company's announcement on 2 March
2023).

 

This will be further appraised for the Big Bear property when results of the
additional planned airborne surveying are received (please refer to the
Company's announcement on 16 March 2023).

 

·    Jackfish: High priority 1 target JFL17 (see figure 3) corroborates
previous exploration undertaken at the Jackfish property which identified
widespread mineralisation with high grade gold in rock samples of up to
39.8g/t from 2021 fieldwork.

 

·    Follow-up fieldwork is currently being planned to check several of
the high priority targets, commencing as soon as ground conditions in Ontario
allow.

 

 

 

Ryan Mee, Chief Executive Officer of Fulcrum Metals plc, commented:

"Murphy Geological Services are industry leaders in satellite structural
interpretation, and I am pleased that this work has not only identified 42
priority exploration targets at the Schreiber-Hemlo project but also
corroborated the interpreted structure in the Pyramid Schreiber area of the
Big Bear property which returned several high-grade gold in rock samples in
excess of 10g/t up to 45g/t."

"Furthermore, the correlation of these targets validates the work undertaken
by Fulcrum at the Jackfish property, which also returned several high-grade
gold in rock samples of up to 39.8g/t. This increases our confidence in the
potential of those priority targets identified by the structural survey and
endorses our belief that the Schreiber-Hemlo properties are highly
prospective. We look forward to informing the market of follow-up exploration
fieldwork for 2023 in due course."

 

About Murphy Geological Services

 

Murphy Geological Services ("MGS") were established in June 2002. Principal
consultant Dr. Francis Murphy is a leading expert in remote sensing. He has
over 40 years' experience as a structural geologist and over 31 years'
experience in the application of structural geology and remote sensing to
worldwide mineral exploration. MGS specialise in the application of structural
techniques to determine the controls on mineralisation and the generation of
predictive models that can be used to identify new exploration targets. MGS
provides high quality satellite image interpretation (Sentinel-2, Landsat
ETM+, Landsat 8, ASTER, SPOT, Pleiades, WorldView, GeoEye etc.) and structural
analysis service to the mining and mineral exploration industry. Since 2002
MGS have undertaken over 225 remote sensing GIS and/or structural field
analysis projects for gold, silver, copper, lead, zinc, uranium, iron ore,
nickel, diamonds, REE and PGE exploration in a wide range of tectonic settings
across the World. Clients of MGS include many of the leading international
exploration and mining companies, as well as a large number of intermediate
and junior exploration companies.

Qualified Person Statement

The technical information in this announcement has been reviewed by Edward
(Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum Metals Plc. Mr Slowey is
a graduate geologist with more than 40 years' relevant experience in mineral
exploration and mining and a founder member of the Institute of Geologists of
Ireland. Mr Slowey has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which has been undertaken to qualify as a "Qualified Person" in accordance
with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr
Slowey consents to the inclusion in the announcement of the matters based on
their information in the form and context in which it appears.

For further information please visit https://fulcrummetals.com/
(https://fulcrummetals.com/) or contact:

 Fulcrum Metals PLC
 Ryan Mee (Chief Executive Officer)     Via St Brides Partners Limited
 Allenby Capital (Nominated adviser)
 Nick Athanas / George Payne            Tel: +44 (0) 203 328 5656
 Clear Capital Markets (Broker)
 Keith Swann                            Tel: +44 (0) 203 897 0981
 St Brides Partners Ltd (Financial PR)
 Ana Ribeiro / Paul Dulieu              Tel: +44 (0) 20 7236 1177

 

 

Notes to Editors

 

FULCRUM METALS - BACKGROUND

 

Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration company which
finances and manages exploration projects focused in Canada, widely recognised
as a top mining jurisdiction.

 

Fulcrum currently holds a beneficial 100% interest highly prospective gold and
base metals projects in Ontario and uranium projects in Saskatchewan.

 

Fulcrum's strategy is to focus on discovery and commercialisation of its
Projects through targeted exploration programmes. The primary focus is to make
an economic discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and Saskatchewan portfolio
with a view to securing potential joint venture and/or acquisition interest.

 

The Schreiber - Hemlo properties have a history of prospecting and localised
extraction since the late 19th century. However, coherent, property-level
exploration programmes have been limited or absent, particularly in recent
times. Fulcrum has an opportunity to carry out such a programme and this
approach provides the best opportunity to fully explore the significant
prospectivity of the properties.

 

While highly prospective, Fulcrum's mining assets are in the exploration
phase, so Fulcrum stands to be able to add significantly to the inherent value
through exploration success. Fulcrum will continually review opportunities
with potential and with a view to increasing shareholder value. It is the
Board's intention to deliver medium and long-term growth and to establish the
Group as a significant exploration company.

 

Schreiber-Hemlo project

Covers a significant combined 113km(2) within a portion of the significantly
mineral endowed portion of the Schreiber-Hemlo greenstone belt which contains
the >23Moz shear-hosted Hemlo gold mine operated by Barrick Gold (80km
east) and Generation Mining's Palladium project (60km east).

Big Bear

The Big Bear Project is situated over the western end of the Schreiber-Hemlo
Greenstone belt. Geology consists of packages of metavolcanic rocks with mafic
intrusions and banded iron formations, broadly folded about an east-southeast
trending synclinal axis. The granitoid intrusive boundary of the Terrace Bay
Batholith runs along the southern edge of the property whilst the Syenite Lake
Pluton borders Big Bear Lake.

A total of 253 geophysical anomalies have been identified from recent airborne
surveys, with 39 designated for priority investigation. Gold bearing quartz
veins have been outlined within seven separate areas (two with rock and vein
samples grading 1 to 5g/t Au, four with quartz vein sample assays above 5g/t
Au, and two quartz samples collected at 50m separation on an E-W trending vein
open in both directions returning 105.5g/t Au and 112g/t Au respectively).
Gold in soil anomalies in have been identified in five areas, ranging up to
710ppb Au, extending up to 250m wide and open along strike.

The Little Bear Lake and Schreiber prospects are of particular interest.
Historic work programmes in 2010 and 2011 targeted an intense magnetic
response from both. Assays returned from sampling along the 1.6km long gold
trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25g/t Ag in rock chip
and 18.9g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t
averaging 17.6g/t Au, while historical drill intersections include 0.55m at
19.2% Zn and 4.6% Cu from 15.2m depth.

Jackfish

Contains multiple gold (+silver-lead-copper) occurrences in quartz
veins/stockworks and altered granodiorite. Exploration covering an area of 1km
x 1km returned widespread mineralisation with sampling results of up to
39.8g/t Au, 114g/t Ag and 1.01% Cu along with anomalous lead and pathfinder
minerals molybdenum, barium, and tellurium.

 

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